The global automotive alloy market has witnessed significant growth during the past few years. The major factors driving the growth of the market include stringent emission norms, research and development on fuel economy, and increasing government legislation for decrease in overall vehicle weight. In addition, increasing vehicle production, rapid urbanization, growing demand for automobiles, improvement in driving dynamics and regulations related to fuel efficiency is further driving the growth of automotive alloy market.
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The implementation of stringent environmental regulations across the globe is propelling the demand for lightweight materials. Several international organizations are framing strict guidelines and standards in order to reduce the greenhouse gases emission. The European and North American legislation in particular have formulated broad agendas towards the development of lightweight materials in order to achieve target for reduced CO2 emission by 2025. Various developments across Asia-Pacific for reducing carbon emission have also increased. China, the largest greenhouse gas emitter globally, is introducing new policies that are expected to put a cap on carbon emission. Other Asia-Pacific countries, such as India, Australia and Indonesia, are also introducing new norms and regulation to mitigate climate change by reducing carbon emission. These policies are being implemented globally, leading to significant growth of the automotive alloy industry.
The constant economic growth in various countries has increased the sales of lighter vehicles, including passenger car and LCV segments globally. The increasing fuel prices and efficient driving experience is also fueling the growth of the automotive alloy market. The growth in electric vehicle market and integration of new system for safety and comfort are the opportunities witnessed in the global automotive alloy market. The high cost of the automotive alloy acts as a restraint for the growth of the global automotive alloy market.
Asia-Pacific is estimated to be the largest market of automotive alloy during the forecast period. The growth of the market in the region can be accredited to the development in the economic conditions of developing countries such as China, India, Indonesia, and Thailand. In countries such as China and India, the large population base has contributed to the increase in the number of automobiles sales in the region.
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Some of the major competitors in the global automotive alloy market include Alcoa Inc., Constellium N.V., AMG Advanced Metallurgical Group N.V., Kobe Steel, Ltd., Novelis Inc., UACJ Corporation, ArcelorMittal South Africa Ltd, Norsk Hydro ASA, ThyssenKrupp AG, Nippon Steel & Sumitomo Metal Corporation.
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